March 18, 2013 -- Greater Toronto Area REALTORS reported 3,594 transactions through the TorontoMLS system during the first 14 days of March 2013 down 11.5 percent compared with the same period last year. This fact notwithstanding, there has been enough competition between consumers to market moderate to robust upward pressure on average selling costs for most home types on a yearly basis," said Toronto Property Board President Ann Hannah. The quantity of new lists was up by less than two %.
"The average cost for condominium residences in the City of Toronto was up over last year. If this price expansion continues, it may indicate that conditions are tightening a touch in this segment," added Ms.
The average selling price for the 1st fourteen days of March was up by nearly 6 per cent year-over-year to $532,102. Hannah. Average costs were up for all of the major home type classes.
"Due to tight supply, the average annual rate of price expansion for singles, semis and towns continues to far outrun the rate of inflation. The condo loft segment has been a lessening factor, which explains why our outlook for price growth in 2013 stays at approximately 3.5 % or $515,000 for all home types combined," related Jason Mercer, TREB's Senior Manager of Market Analysis.
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